The New York statutory durable power of attorney form authorizes an attorney-in-fact to manage a person’s financial matters in perpetuity after the document’s execution, even in the event of incapacitation. The appointed attorney-in-fact should be someone close to the principal, a person who is capable but also trustworthy. Once the power of attorney form is signed, the attorney-in-fact will be able to represent the principal when performing tasks such as asset management, personal and business-related transactions, and other important financial affairs. Unless the principal expresses that the document terminates upon their incapacitation, the power of attorney is meant to be durable.
“Durable” Definition – No exact definition provided in State statutes; one can expect that the term represents the perpetuation of a power of attorney in the event of the principal’s incapacitation.
Laws – Title 15 (Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning)
Signing Requirements (GOB § 5-1501B)) – The principal’s signature must be notarized. If the “Statutory Gifts Rider” is completed, the principal’s signature must be witnessed by an additional two (2) witnesses in addition to being notarized (GOB § 5-1514.9(b)).